Posted on: 23rd Sep, 2011 08:05 am
i filed chap #7 and my bk was discharged march 2010. my credit score is 600 but combined with my wife, it's about 650. i want to refinance my home but have been told there's a regulation that says i have to wait 2 years from the bk discharge date. is this a fact :?:
Hi MIKE,
After a bankruptcy chapter 7 discharge, you need to wait for 2 years to qualify for a FHA loan and 4 years to get a conventional loan. None of the lenders will be ready to offer you a loan before that time period. In the meanwhile, you need to take steps to improve your credit score.
After a bankruptcy chapter 7 discharge, you need to wait for 2 years to qualify for a FHA loan and 4 years to get a conventional loan. None of the lenders will be ready to offer you a loan before that time period. In the meanwhile, you need to take steps to improve your credit score.
did the bankruptcy include your wife, or were you not married at the time? it may be possible for her to apply by herself.